WASHINGTON – The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Slavie Federal Savings Bank, Bel Air, Maryland. As of March 31, 2014, the institution had approximately $140 million in total assets.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank incurred losses that depleted its capital, the bank is significantly undercapitalized, and there is no prospect that the bank will become adequately capitalized.